Wedoany.com Report on Mar 2nd, Venezuela's state-owned oil company PDVSA and the country's oil and gas sector recently signed a Memorandum of Understanding (MoU) with the African Energy Chamber, aiming to deepen collaboration and capital investment in the oil and gas fields.

The MoU was signed in Caracas during a working visit by representatives of the African Energy Chamber, establishing a cooperation framework for upstream development, refining, technical training, and joint investment promotion.

Based on this MoU, the parties will jointly explore collaborative analysis of crude oil and natural gas market trends, exchange technical knowledge in exploration and production, and examine potential opportunities in refining, infrastructure upgrades, and commercialization. The agreement also involves sharing regulatory best practices and coordinating promotional activities, such as seminars and training programs.

The parties plan to establish a joint working group within 60 days, responsible for developing action plans, identifying specific projects, and overseeing the implementation process. Key focus areas may include exploration, commercialization, and technical capacity enhancement.

This Memorandum of Understanding reflects Venezuela's efforts to seek international energy engagement while stabilizing and expanding its oil and gas production. The African Energy Chamber views this partnership as part of broader South-South energy collaboration.